Tonies (TNIE) Q4 2024 earnings summary

Executive summary

• Achieved record-breaking results in 2024, with group revenue of EUR 481 million, up 33% year-over-year, and positive net income for the first time at EUR 13 million, driven by international expansion, especially in North America, now the largest market.

• Positive free cash flow of EUR 33 million and net income of EUR 13 million marked a major milestone since IPO.

• Adjusted EBITDA margin improved to 7.5% (+3.5pp YoY), with EBITDA margin at 7.0% (+4.6pp YoY), reflecting operating leverage and gross margin expansion.

• Over 2.4 million Tonieboxes and 30 million Tonies sold in FY 2024, with strong product innovation and successful launches in new markets.

• tonies SE, as a holding company, reported a net loss of EUR 662,317.69 for 2024, attributed to normal operating activities and public company expenses.

Financial highlights

• Group revenue reached EUR 481 million, a 33% increase year-over-year; DACH EUR 184 million (+11%), North America EUR 210 million (+50%), Rest of World EUR 86 million (+57%).

• Adjusted EBITDA: EUR 36.1 million (7.5% margin, +3.5pp YoY); EBITDA: EUR 33.5 million (7.0% margin, +4.6pp YoY).

• Free cash flow was EUR 33 million, a EUR 38 million improvement year-over-year; cash position at year-end was EUR 107 million.

• Gross profit margin: 62.1% (+0.5pp YoY); contribution margin: 34.5% (-0.7pp YoY).

• Main holding company assets include investments in affiliates totaling EUR 963,205,398.77.

Outlook and guidance

• No FY 2025 guidance provided due to high US tariffs, volatile capital markets, and unclear economic outlook; guidance to be issued when visibility improves.

• Initial plans included >30% group revenue growth and 9-11% Adjusted EBITDA margin under a 20% China tariff scenario.

• Business priorities for H1 2025: internationalization, gross margin expansion, proprietary content growth, and mitigating tariff impacts.

• Anticipates very positive business performance in 2024, provided consumer sentiment does not materially deteriorate in 2025.

• Q1 2025 growth tracking about 20% above last year.